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1341  Other / Beginners & Help / Re: I still dont understand the concept of keeping your coins? on: April 01, 2013, 10:41:03 PM
Ok cool, i eventually found my wallet.dat file on the mac Smiley

So just to test my understanding, when I am finished with my bitcoin client for the day I could save a copy of the wallet.dat file, delete the copy that is in the folder. At this point if i lost my laptop I am safe?  assuming I dont lose my laptop i can load place the saved wallet.dat file back in the correct folder and it will be good to go?

Unless you use an encrypted filesystem, there are traces of the wallet.dat left on the hard drive.  There are tools available to scan a hard drive looking for private keys. 

Instead you want to use the passphrase encryption feature available in the Bitcoin-Qt client to protect your wallet.dat so you don't need to worry about losing your bitcoins if you happen to lose your laptop.   Either way, you do want to keep a backup (or preferably set of backups) of the wallet.dat in case you lose access to the laptop or the data stored on it.
1342  Other / Beginners & Help / Re: Simple wallet backup on: April 01, 2013, 10:37:03 PM
And the Encrypt option just makes a password right?

That encrypts the private keys stored in the wallet.dat.

If a wallet is encrypted prior to use, then no keys will exist on the filesystem without first having been encrypted.   If encryption is performed on an existing wallet, you might want to spend the funds to a new address in the wallet to ensure all funds are held for addresses protected with passphrase encryption.
1343  Economy / Service Discussion / Re: How much did Coinlab pay for Mt.Gox US customers? on: April 01, 2013, 10:34:14 PM
Therefore, how much could Coinlab have possibly paid for the US Mt.Gox book of business?

Just like Bitcoin provides financial privacy for your transactions, private companies need not disclose publicly details on deals between them.  There may be other investors involved who have nothing to do with Coinlab.
1344  Other / Beginners & Help / Re: Cant get conis from instawallet on: April 01, 2013, 09:31:13 PM
I had 45 btc in an old account and forgot about it. Well I found it.  I was able to transmit 3 btc out of it just fine. But when I moved the rest, the show up as 0btc in instawallet but no record of them being moved anywhere. Anyone from instawallet able to help? I already emailed

The site currently shows:

Quote
We have detected a security breach. Services are temporarily suspended until we have thoroughly investigated the situation. We will resume services as soon as possible.

There's currently no further information.

Paymium (Instawallet's operator) uses cold storage.  It is possible that the delivery of your coins could not complete because there were insufficient funds in their hot wallet -- regardless of any security issue.

Access to their cold storage may be restricted to occurring only during business hours (being that the private keys are stored in a vault at a bank).

I don't know that this is the current situation, but this has been the situation in the past when withdrawal requests were delayed.

If this security incident included a loss of coins, then obviously what I've described above may be moot.
1345  Other / Beginners & Help / Re: does bitcoinstore deliver products to iran??????????? on: April 01, 2013, 08:59:16 PM
and are they shipping from the US?

I'ld wager on the answer being no.

1346  Bitcoin / Development & Technical Discussion / Re: client command line option -wallet= in addition to -datadir=? REDUX on: April 01, 2013, 08:57:41 PM
Thanks and good point. I see the issue is open so I made a comment there.

And to replicate the response from there:

gmaxwell commented:
@keystrike it's likely going to get subsumed by the multiple wallet support.
1347  Other / Beginners & Help / Re: Need to contact a member (not possible as Newbie) on: April 01, 2013, 04:09:30 PM
Hi would like to contact a member (from a post in selling section) but am restricted for the moment ?


After your first post (this one, for example) you can send a PM to that person.
1348  Other / Beginners & Help / Re: Trasaction on: April 01, 2013, 04:00:23 PM
Hi so the other day i was solo mining and it said i solved a block

That's unlikely enough to happen that it begs the question ... what client are you using for this?
1349  Other / Beginners & Help / Re: BTC Vault - Secure Bitcoin Live-CD on: April 01, 2013, 03:11:52 PM
BTC Vault is a Linux Live-CD that should help to store and handle bitcoins securely.

Also, this may need clarification:

Quote
With the electrum bitcoin client it is enough to backup the master key called "seed":
You can print it out and store it in a safe place.
You can encrypt it and store it on another safe computer or on a usb stick.
You can use steganography to hide it in an image file.
- http://dswd.github.com/btcvault/security.html

The problem is if someone imports a private key to Electrum, that Electrum wallet still needs to be backed up -- just having the seed is not sufficient.
1350  Other / Beginners & Help / Re: BTC Vault - Secure Bitcoin Live-CD on: April 01, 2013, 03:05:37 PM
Nice, it has the Javascript-based wallets as well, so includes static pages for BitAddresss.org, Brainwallet.org and Blockchain.info/wallet.

It is a minor adaptation of the Slax Linux distribution with my contribution being so small that you can check it for yourself and see that it does not contain malicious code. If you did the check, please post it here along with the checksums of the files inside your slax directory.

Has anyone reviewed the following yet?

Quote
The file 9999-btcvault.sb contains all BTC Vault specific changes to Slax. Those changes are not many, so you can just unpack that module using the unsquashfs command and check the contents manually.
- http://dswd.github.com/btcvault/security.html

1351  Other / Beginners & Help / Re: Mtgox verification queue on: April 01, 2013, 02:45:17 PM
could a first time depositor forego the lengthy 'verification' process and simply e-mail the mtgox security department with pictures of their passport in order for a wire transfer deposit to go through?

Not every account requires verification.

Every account that requires verification must got through the lengthy verification process.

There are various reasons why verification is being required, even when the amount is below the specified daily AML limits:

 - https://support.mtgox.com/entries/20919111-AML-Account-Statuses
1352  Economy / Speculation / Re: Maybe the economy does support the price... on: April 01, 2013, 02:04:36 PM
that leave 500,000 BTC, or about $50M per day for goods and services.  Annually that amounts to $18.25 billion.

And which vendors might be doing in aggregate even a tiny fraction of this $50M per day?

I commented on this:

About a week ago, BitPay, the largest (by a wide margin) bitcoin payment processor reported month-to-date transactions through merchants using their service of $2 million.

Yes,  $2 million for about three weeks.    Obvoiusly, that's growing fast -- but let's give it 100X growth over the next year, to $200 million a month, or about $2.4 billion on an annual basis.  If the U.S. GDP of $16 trillion works off of $1 trillion of money supply that's 16:1 of transactions of economic activity versus the money supply (velocity would be 16, calculating it that way).

So using that same number, the $2.4 billion of economic activity and velocity of 16 means bitcoin's value a year from now should be about $150 million, or about a BTC/USD of $12.50.
1353  Other / Beginners & Help / Re: Deposit and withdraw on: April 01, 2013, 05:56:44 AM
This is the same as any currency exchange. Some people change their USD into Euros because they are traveling,

Heh, but there's a difference in volatility.  Euros might change 2% up or down in a week and that might be a big deal.   Bitcoin can change that much over your lunch hour.
1354  Bitcoin / Bitcoin Discussion / Re: Blockchain-based betting services function as mixing services? on: April 01, 2013, 05:30:08 AM
And the rewards are returned to the same bitcoin addresses you send from, so it doesn't add any anonymity.

Sorry for the necro thread, but there was a suggestion as to how a blockchain-based wagering service like dice could offer mixing:

How Satoshidice is/can launder coins
 - http://bitcointalk.org/index.php?topic=162807.msg1713104#msg1713104
1355  Other / Beginners & Help / Re: How Satoshidice is/can launder coins on: April 01, 2013, 05:26:10 AM
Shouldn't this be obvious under inspection?  The balance of winning bets vs. losing bets would be skewed due the lack of random nature of the "released" bets.

Nope, because they select the bets to be released such that the laundry customer's net profit before fees (and the house "take") is exactly zero.  That's what you'd expect in the long run from true randomness.

There is no bias in the overall win/loss ratios.  The only bias is in which wallets win and which lose, but you can't detect that, especially if the customer provides multiple clean wallets and multiple dirty wallets.

Then your wagers for both the losing as well as the winning side would need to be placed on the same wager option (e.g., all on the same "less than 8000") so that they can be evened out without introducing any bias.

The customer then spends the money out of the clean wallet so SatoshiDice can't use the unreleased transactions.

That's not even needed.  The transaction hash used by the mixing service to determine whether the wager is a winner or loser will change based on any of the data in the transaction changing.  So if the INPUT and OUTPUT are the same for each trial, the amount can be changed to cause multiple transaction hashes.

So if I understand your approach correctly, here' s the approach with this INPUT re-use variation:

This assumes the desired amount to mix is 1,000 BTC, as you described was the amount of "dirty" coins.

So there would first be construction of the winning wager using the "less than 8,000" bet which has a 8x payout.  So that bet amount needs to be about 125 BTC (which will win 1,000 BTC).  So multiple wager transactions are created for the same INPUT and OUTPUT, except the amount for the first one is 125.0 BTC, the second one 124.9999999, the third one 124.99999998, etc..   So maybe a few dozen of these are created to ensure that there is at least one transaction out of the batch is a winner (transaction hash that results in a number less than 8,000).  These trials are not broadcast to the network but sent out-of-band to the mixing service.

Then there would be the construction of the losing wagers.  There are a little over seven losing wagers needed to average out the one winner.  So to "burn" the 1,000 BTC plus a 5% mixing fee, for example, the target amount of 1,050 BTC is divided by seven to get 150 BTC per losing wager.

Thus seven addresses for the losing wagers are each funded with 150.  Then for each there is maybe a dozen trials created for each using the same approach as above, one at 150 BTC, the next at 149.99999999, then 149.49999998, etc.  

The end result of that is for each of the seven "losing wagers", there is at least one trial with a transaction hash from the batch that is a loser (i.e., transaction hash that results in a number of 8,000 or greater).  These trials too are not broadcast to the network but instead are sent out-of-band to the mixing service.

The mixing service then evaluates the batch to find one winner and evaluates the losing batch to find a loser for each of the seven and broadcasts those eight transactions to the network.   The end result is mixed coins with nearly no detectable bias.  (The correct ratio is one winner out of 8.192 trials so there is a slight bias for rounding down to 7 losers.  Even much of that bias could be corrected for by the mixing service by instructing for there to be 8 losers (with a lower wager amount requested) for every N "mixing jobs".

The benefit to a popular wagering service offering this rather than some other mixing service presumably comes from there being an enormous number of unrelated transactions flowing through the service such that the payouts to the "winning" wager (clean) would essentially be unrecognizable as having any amount of taint higher or lower than any other wager payout from that service.
1356  Bitcoin / Press / Re: 2013-03-31 Forbes 'Is Bitcoin Doing Well Or Is It Just A Bubble?' on: April 01, 2013, 01:57:17 AM
so what is an approximate figure for the yearly USD value of Bitcoin transactions?
Is there a site with a regularly updated estimate of this?

About a week ago, BitPay, the largest (by a wide margin) bitcoin payment processor reported month-to-date transactions through merchants using their service of $2 million.

Yes,  $2 million for about three weeks.    Obvoiusly, that's growing fast -- but let's give it 100X growth over the next year, to $200 million a month, or about $2.4 billion on an annual basis.  If the U.S. GDP of $16 trillion works off of $1 trillion of money supply that's 16:1 of transactions of economic activity versus the money supply (velocity would be 16, calculating it that way).

So using that same number, the $2.4 billion of economic activity and velocity of 16 means bitcoin's value a year from now should be about $150 million, or about a BTC/USD of $12.50.

The thing is, if bitcoin continues to grow for use for all kinds of financial transactions, including forex speculation, it wouldn't be $200 million a month but maybe $200 million an hour.  And thus today's $93 BTC/USD would be incredibly undervalued.

After cringing when listening to someone mention borrowing on a credit card to buy 5 bitcoins I heard the justification that if Bitcoin goes to zero, that person is out $500 and dines out one day a week less over the following year.  But if it goes to $10K per bitcoin, that builds a good base towards retirement for that person.  When just a little over two years ago when bitcoin first crossed parity with the dollar (Feb 2011), predictions of $100 a bitcoin seemed just bizarre to most, yet inevitable to others (Falkvinge, Max Keiser, among members of this forum).
1357  Bitcoin / Legal / Re: In principle, is an individual miner the "creator" of his block reward? on: April 01, 2013, 01:34:08 AM
Bitcoins are created by the code, or we can use the term "network itself", not solo miner or pool. Solo miner or pool just fullfill the requirements
for new bitcoins to be created, that is all.

Even if somehow this "creator" refers to the recipient of the generated coin, who would be the creator?

If I mine in a pool, I am providing hashing capacity service to the pool.    The pool operator is the party that receives the generated coin.  Individual miners get paid for that work, but generally not from the generated coin.   

Now Eligius and P2Pool distribute generated coin directly to the miner proportional to the work contributed, so in that case it might be argued the miner was the "creator", but in all other instances apparently it would be the pool.
1358  Bitcoin / Legal / Re: So finCEN has basically legitimized Bitcoin on: April 01, 2013, 12:57:56 AM
My original post was to see what your thoughts on taxation as a miner and if you think the government will  be able to cut into profits. If so are we talking short term capital gain type 40% crazy taxation.

Taxation and FinCEN guidance on money transmitter laws are two completely separate topics.

As a miner, you don't actually mine the coins.  You are providing a hashing service and the mining pool is the party generating the bitcoin (it is the pool's address in the coinbase, not yours).

So how that will get fleshed out will be interesting.

I think there seems to be either ignorance of the guidance or perhaps a collective bit of civil disobedience occurring.
1359  Bitcoin / Technical Support / Re: Mt.Gox Withdraw Problem on: April 01, 2013, 12:47:35 AM
Any other ways of contacting them?

You can open a support ticket:
 - https://support.mtgox.com

Did you access the site using Tor?   If so, (or for whatever over reason they deem necessary) Mt. Gox may put your account on hold until you verify your account.  It is in the user agreement when you sign up.

Your options include:

a.) Provide identity information to verify your account
b.) Abandon your account and the funds in it.
1360  Other / Beginners & Help / Re: Little Mt.Gox help. on: April 01, 2013, 12:44:01 AM
So you HAVE to verify in order to withdraw at all?
The yellow box says I am able to withdraw 100BTC today.

Did you access the site using Tor?   If so, (or for whatever over reason they deem necessary) Mt. Gox may put your account on hold until you verify your account.  It is in the user agreement when you sign up.
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